Scarcity Implies That

question 19

Multiple Choice

Scarcity implies that:

• A) consumers would be willing to purchase the same quantity of a good at a higher price.
• B) it is impossible to completely fulfill the unlimited human desire for goods and services with the limited resources available.
• C) at the current market price, consumers are willing to purchase more of a good than suppliers are willing to produce.
• D) consumers are too poor to afford the goods and services available.

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Definitions:

Identical Twins

Twins who originate from a single fertilized egg that splits and develops into two separate embryos, sharing the same genetic makeup.

Zygote

The cell formed by the union of a sperm and an egg at the beginning of conception, representing the earliest stage of human development.

Fertilization

The process by which male and female reproductive cells (gametes) combine to produce a new cell (zygote) that will develop into a fetus.

Gene Expressions

The process by which the information encoded in a gene is used to direct the assembly of a protein molecule.